Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is $95,000. 2. Purchases returns of $3,000 were made. 3. Purchases of $288,000 were made on terms of 1/10,n/30. Eighty percent of the discounts were taken. 4. At December 31 , purchases of $20,000 were in transit, FOB destination, on terms of 1/10,n/30. 5. The company made sales of $641,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of $4,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts